(The Daily Star/Mahmoud Kheir)
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Leading real estate developers revealed a trend toward downsizing apartment space Tuesday, expressing optimism over the continued success of the real estate market despite security tensions.Stephan pointed out that most investors and buyers are Lebanese expats, stressing the absence of Gulf demand for real estate in the market.Stephan believes that the demand for smaller apartments is due to an evolution in the way real estate approaches smaller spaces.According to Issa, "the average home loan today is $180,000, when four or five years ago loans used to go for about $300,000 to $400,000 ".He added that prices in the market had not decreased; the apartments have just become smaller.According to Shammas, apartment sizes have gone down because middle-class families can no longer afford large apartments, prompting them to opt for smaller spaces.
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